US Treasury To Perform Auto Bailout

December 12. 2008

Treasury chief Henry Paulson: looks like I'm gonna have to open the purse again

The U.S. Treasury has stepped forward proclaiming they will help the auto industry avoid financial collapse, after the Senate, via the Republicans, crushed a bill that would have given them $14 billion dollars.

The U.S. Treasury will use some of the $700 billion dollars from the Wall Street bailout money to assist Detroit’s big three automakers, Ford, GM and Chrysler.

So Detroit’s prayers got answered after all.

Treasury ready to prevent collapse of automakers

WASHINGTON (AP) -- The Treasury Department said Friday it's prepared to act to avoid any possible collapse of nation's three largest auto companies given that rescue efforts in Congress have failed.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said Treasury spokeswoman Brookly McLaughlin…

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